IFRS 17 Solved Product screen display

A PwC Product

IFRS 17 Solved

Our IFRS 17 Solved Core Solution is a fully-fledged and operational solution for IFRS 17. You can benefit from it through our Managed Service, which will provide all the results you need for reporting under IFRS 17.

Our IFRS 17 Solved Methodology Tool supports our clients in the rapid development and review or audit of their IFRS 17 policy and methodology.

 

Find out what IFRS 17 Solved is:

IFRS 17 Solved Managed Service

Our Managed Service provides you with a full set of IFRS 17 journals and disclosures when you require them for reporting processes, based on actuarial and accounting cash flow data, which you provide through a secure interface. 

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IFRS 17 Solved Methodology Tool

A simple, user-friendly web-based tool that supports both the development and review or audit of IFRS 17 policy and methodology, and the documentation thereof.

IFRS 17 Solved Model Validation

Our Model Validation service leverages our IFRS 17 Solved Core Solution. We assist management to ensure that their IFRS 17 calculation engine is fully scoped, on track, consistent with existing policy and methodology decisions, fully documented and compliant with the IFRS 17 standard.

 

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IFRS 17 Solved Model Validation

Impact/differentiators

IFRS 17 Solved Managed Service

  • You run your actuarial cash flow models (or, if preferred, utilise our IFRS 17 cashflow generator, in which case you supply ultimate nominals and cashflow patterns) and close your accounting ledgers. 
  • You upload your data to the platform in a simple-to-follow Excel data template (or any other format agreed upon).
  • The solution will ingest the data, perform data checks and calculate results. 
  • The results are tested automatically through internal checks within the platform, as well as some basic consistency and data checks that we perform.
  • We review your results for reasonability in the context of prior results and your experience.
  • You can download your results once the service is completed:
    • All journal entries.
    • Granular chart of accounts.
    • Income statement items.
    • Balance sheet items.
    • All IFRS 17 disclosure tables and sensitivities.
    • Detailed audit trail.

IFRS 17 Solved Methodology Tool

The IFRS 17 Solved Methodology Tool contains:

  • Questionnaires that cover all of the policy and methodology decisions that need to be made by our insurance clients;
  • Drop-downs, text boxes and upload buttons to capture the decisions and methodologies and/or review comments; and
  • A simple workflow to manage review and sign-off.

It can be used for both audit and non-audit purposes.

IFRS 17 Solved Model Validation

Our model validation approach using IFRS 17 Solved:

  • We ensure that you’ve fully specified all the necessary methodology and calculations. 
  • We compare your methodology with the methodologies in IFRS 17 Solved to predict any differences.
  • We agree the test data to be used, leveraging the IFRS 17 Solved comprehensive test cases matrix.
  • Your company or PwC can map the test data to the relevant format. The IFRS 17 Solved data dictionary supports this process and the setup will be re-used for every future review.
  • We map the outputs leveraging our chart of accounts/disclosures so that this can also be reused in future.
  • Models are run and we compare the outputs, making the necessary adjustments to account for methodology differences. We are able to easily identify and troubleshoot issues and gaps in your solution.

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Contact us

Carolyn Clark

Carolyn Clark

Principal | Actuarial, Risk and Quants, PwC South Africa

Tel: +27 (0)21 529 2634

Christiaan  Nel

Christiaan Nel

Director | Africa AI Leader, PwC South Africa

Tel: +27 (0) 21 529 2519

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